Question

what is economic activity what are the different types of economic activities

Answer 1

Economic activities are those activities which add value to the national income. It has two types: market and non-market activities.

Market activities; these activities are performed for pay or profit

Non-market activities; these activities are performed for self consumption.

Answer 2

The economic activity is a type of activity which includes, manufacturing,selling, purchasing of different types of goods and services,in the consumer market.

• There are four main types of economic activities -

1) Primary activities : These activities are mainly related with the different types of raw materials.

2) Secondary activities : These activities are mainly related with the different types of manufacturing industries.

3) Tertiary activities : These activities are related with the different types of services.

4) Quaternary activities : These activities are mainly related with the skill and knowledge of the individuals. Eg. Consultancy, R&D etc.

(The quaternary activities are also further divided into quinary activities.)